investments in industrial logistics is driving the Logistics Market For Industrial Sector
Technavio analyzes that the Logistics Market For Industrial Sector is expected to grow at a CAGR of 5.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1347.5 billion.There are various factors that contribute to the growth of the market. The industrial sector's logistics market has witnessed significant investments due to the increasing demand for efficient and streamlined supply chain operations. Companies are allocating resources towards modernizing their logistics infrastructure to meet the growing needs of their customers and stakeholders. Strategic investments in industrial logistics include automation technologies, advanced warehousing solutions, and transportation management systems to enhance productivity and reduce costs. These investments not only improve operational efficiency but also contribute to overall business growth and competitiveness.
The industrial sector's logistics market is divided into various transportation services, each catering to distinct logistical requirements. Key transportation modalities include air freight, ocean freight, ground freight, and railway freight. Air freight services are celebrated for their superior operations and extensive global network, making them suitable for time-sensitive consignments. This mode of transport ensures swift delivery across international borders, making it a preferred option for high-value and perishable goods, despite its premium pricing. Ocean freight, a linchpin of global trade, facilitates the transfer of substantial cargo volumes across continents. Its cost-effectiveness and capacity to transport large quantities make it an indispensable choice for industries reliant on bulk imports and exports. Furthermore, the ongoing digital transformation and supply chain management innovations, including automation, are revolutionizing logistics, enhancing efficiency, and reducing costs.
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Logistics Market For Industrial Sector Segmentation
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The logistics market for the industrial sector is experiencing significant transformation due to the rise of e-commerce, particularly B2B and B2C, and the increasing role of third-party service providers in logistics services. Logistics 4.0, which incorporates route optimization, AI, SaaS, and automation, is revolutionizing transportation systems, including roadways, railways, airways, and seaways. The use of EVs, blockchain technology, IoT, and QuickCommerce is also gaining momentum. Industries such as consumer goods, food and beverages, healthcare, and more rely on efficient supply chain management and transportation modes to meet customer demands.
The global air freight and logistics market encompasses the revenue generated by companies offering air freight transportation, courier services, and logistics solutions, including last-mile delivery and customs brokerage. According to Technavio, market size is determined by the revenues of air freight and logistics service providers. Key growth drivers include the surge in B2B and B2C e-commerce transactions, particularly in cross-border trade. This phenomenon involves customers purchasing goods from foreign suppliers, necessitating efficient last-mile delivery, route optimization, and seamless tracking throughout the supply chain.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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